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Supreme Court Hearings
Heritage Capital Corporation v. Equitable Trust Company, et al.
Case # 36301 Heritage Capital Corporation v. Equitable Trust Company, et al. (January 22, 2016) In 2004, the city of Calgary adopted a by-law designating the Lougheed block as a municipal historical resource. The owner of the building entered into an agreement with the city setting out the parameters for rehabilitation work. As part of the agreement there would be compensation from the city in the form of yearly payments over 15 years. In 2010, the Lougheed block was sold through judicial sale, the owner having defaulted on loan payments. In the course of the closing of the transaction, a dispute arose in respect of the payments from the city under the agreement. The owner applied to a master in chambers for a declaration that its right to the city’s payments was not included in the sale of the Lougheed block. The Master allowed the application and granted the requested declaration. On appeal by the purchaser, the chambers judge agreed with the master’s conclusion.